According to traders, the price of palm oil came down by Tk309 per maund in the international market last week, but instead of decreasing, its price has shot up by Tk400-Tk450 in the domestic market
Edible oil prices in the domestic market are still rising despite the prices in the international market having come down.
According to traders, the price of palm oil came down by Tk309 per maund in the international market last week, but instead of decreasing, its price has shot up by Tk400-Tk450 in the domestic market.
As of Wednesday, per maund (40.90 kg) of palm oil was sold at Tk5,000-Tk5,500 in Khatunganj — the biggest wholesale market of edible products. Per maund of palm oil was Tk4,600 only a week ago, said sources at the market.
Also Read – Price pinch: Global economy caught in perfect storm
Moreover, the price of palm super oil has also gone up by around Tk500 per maund. One week ago, per maund of palm super oil was sold in the market at Tk4,700, which is now selling at Tk5,200.
The same thing also happened for soybean oil. The booking price of per maund of soybean oil in the international market was Tk5,276 last week, which has come down to Tk4,511 — a Tk765 drop in a week.
But instead of decreasing, the price of soybean oil in the domestic market has increased by Tk450 per maund as of Wednesday.
Soybean oil is being sold in Khatunganj at Tk5,450 per maund, which was sold at Tk5,000 a week ago, increasing by Tk450 per maund in a week.
Also Read – Basic foods keep seeing price hikes
Market insiders said that despite the reduction in booking prices in the international market, the price of edible oil is increasing at Khatunganj due to manipulation by syndicates.
Talking to Dhaka Tribune, Abdur Razzak, an edible oil trader of Khatunganj, said prices in the international market have come down but it is still increasing in our country mainly due to the syndicates, unsolicited tax, and corruption.
“The whole business is being held hostage. There is nothing to do,” he added.
Traders also said that after adding a cost of Tk10,000 per ton, the purchase price of per maund of palm oil was Tk4,979 on November 3.